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Dec 11, 2012
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that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually production has been consistently higher ever since this target wab set. almost 1.1 million barrels above the target is what opec has cut into producing. >> heading into a meeting like this, incident isn't just about the supply, it's about demand. we've seen some softening in global production. how much will these countries have to produce next year? is it going to be a demand story ultimately as we look at global growth or is it going to be a supply story, about the middle east and where the flow is actually coming from? >> i think it will be a supply
that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually...
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Dec 12, 2012
12/12
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tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range rocket prompting an emergency u.n. security council meeting. >>> employment numbers out of the u.k. look strongerment remembe-- stronger. we thought there might be wider unemployment it fall. the claiming count actually down 3,000. the polls forecasting the number of people claiming unemployment benefits to rise. the jobless number down by 82,000 in the last three months through october. the rate 7.8. the employment up by another 40,000 to 29.601 million. the yen another highest on record. still no pressure from wages, average weekly earnings 1.8%. the annua
tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range...
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Dec 4, 2012
12/12
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basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait, uae. they have all helped us contained iran. they have some connection with an 9/11. our relationship with these countries have been very good. >> i think it has been said what you said in your first point. the fact that we may reduce the amount of oil we import, it does not decouple was from the world oil market. canada and norway are both exporters, but their citizens pay of the market price for a gallon of gasoline. we said exactly what you said on your first point. on your second point, the opec nations in being friends of the united states, i think the answer to that is that both sides have had a relationship that has been economically necessary, but i do not think the opec cartel conducts its affairs in a way to benefit the united states of america. they conduct their affairs so that they do not kill the goose that laid the golden egg. if you turn into the record on pages 8 and 9, you're asking for some visual clues as to what's going on here. if you look on page
basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait, uae. they have all helped us contained iran. they have some connection with an 9/11. our relationship with these countries have been very good. >> i think it has been said what you said in your first point. the fact that we may reduce the amount of oil we import, it does not decouple was from the world oil market. canada and norway are both exporters, but their citizens pay of the market...
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Dec 3, 2012
12/12
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in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves. they produced only about 40% of the world petroleum every day. there's a chart that shows this graphically. if there is ever an example of a market that is not free, it is that. nobody acts in that matter in a purely free-market. if opec were doing what it does abroad in this country, it would be a crime and in violation of our antitrust laws. the prescription that the council, but several years ago which was very impact will in the energy security independence act of 2007, was it, was based on our port of 2007, which said that the united states should maximize its oil and gas production, that it should significantly reduce consumption and improve conservation, which led to the direct support for the reinstitution of fuel efficiency standards, which has not been done for 20 years. and to develop to the extent it was liable a biofuel substitute for petroleum. this new report
in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves. they produced only about 40% of the world petroleum every day. there's a chart that shows this graphically. if there is ever an example of a market that is not free, it is that. nobody acts in that matter in a purely free-market. if opec were doing what it does abroad in this country, it would be a crime and in...
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Dec 12, 2012
12/12
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and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of inventories, the amount of supply needed from opec compared to what it's currently pumping? >> when you look at the political situation, the situation in the united states, the fiscal cliff, you look at a lot of factors, there are really -- they contradict each other. i don't know where the price will go up or go down. i think the price will stay the same for next year. i don't think the price will come down. yes, there is some -- maybe 59, maybe 30 million dollars day, five-year average. and that's 30 million barrel only, the five-year average, as far as the stock is c
and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of...
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Dec 28, 2012
12/12
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at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it might get a little weaker and poked around and did absolutely nothing. >> i wonder whether the question is going to come back again into the oil markets given that we're looking at the israeli elections coming up in january. but back to the u.s. story, i find it hugely interesting, this notion of u.s. becoming energy independent on its own. do you really think it will happen? because i still talk to a couple of people in the oim and gas industry that say, you know what? it's a far cry from the reality out there. we're still going to see the middle east be
at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it...
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Dec 10, 2012
12/12
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just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit that moving average which is much lower. >> michael gur ka from spectrum asset management, thank you so much. and thank you, everyone, for tuning into the show. i'm kelly evans. ross westgate will be back here tomorrow morning. now it's time for "squawk box" in the u.s. we'll keep an eye on the markets. have a great day. >>> good morning. president obama and john boehner meet face-to-face on sunday. does it mean we're any closer to the solution to the fiscal cliff? >>> a news conference by chairman ben bernanke, set for wednesday.
just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit...
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Dec 13, 2012
12/12
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. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've statemented about 11110 billion pounds of recovery oil from shale crude. u.s. product will be going up overall, about a million barrels a day in 2013. about 65% of it will be shale crude. and it will continue to grow. >> people should understand we're not just talking about gas. we're talking about methods that's right.extract more oil. gas is clearly surplus. we're going to have l&g exports in the united states. we have a long-term growth phenomenon for natural gas. what people don't realize is how huge the oil is. when we talk about $110 billion of recovered oil, that's on 7.5% recovery rate. the resource itself is hu
. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've...
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Dec 14, 2012
12/12
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we want to smooth the transition from an opec, unregulated market to a transparent regulated market place. as chairman bachus said if i can quote you, you want to make it operational, sink together and function. so in the midst of that implementation and its of pasta, it's a natural order of things that many market participants have sought further guidance. sometimes the questions, early. but as all of us know, as we're all in school at one point, sometimes we do our papers late come into the night, the day before it is too. and that's just human nature. we will address questions that come up early, and will do our best to address them even if they come up late. prior to a milestone on october 12 commend this milestone was just because the sec and s. -- the cftc finished the foundatiofoundatio nal definition rules, the definition of swapping swap did and so forth went into effect on october 12. we got a lot of those questions, some early, some late. along with my fellow commissioners and staff can we sort through about 20 issues, and i think we sorted through them for the benefit of the p
we want to smooth the transition from an opec, unregulated market to a transparent regulated market place. as chairman bachus said if i can quote you, you want to make it operational, sink together and function. so in the midst of that implementation and its of pasta, it's a natural order of things that many market participants have sought further guidance. sometimes the questions, early. but as all of us know, as we're all in school at one point, sometimes we do our papers late come into the...
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Dec 11, 2012
12/12
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opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all competing to replace the current leader, as you can see there. abdallah salem el badri, he's 72 years old and he's been there for years. i don't know where i've been for five years, but did you know -- >> i apologize in advance. i didn't. >> you could have said you did and we've been best friends, in fact. >> he's completely changed the entire operation. anyway, did a great job. >> in global market news this morning, stock
opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading...
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Dec 8, 2012
12/12
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this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is predicted to become the largest oil producer and starts to see the impact of new fuel efficiency measures and transport. it results in a continued fall in u.s. imports to the extend that north america is a net oil exporter around 2030. yes, that's right. the united states, which is according to the spokes people from the coal industry already the saudi arabia of coal, which is now essentially tied with russia as the single largest producer of natural gas in the world could find itself the world's biggest oil producer on a consistent basis for the first time since the first half of the 20th century.
this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is...
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Dec 5, 2012
12/12
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you have non-opec demand growing, global demand slowing, it's not snowing, and down is where we're going. the next big data point is probably the iaea report in february. and if that implicates more progress toward an iranian bomb, there's significant risk to look to the upside. in the meantime, you have a lot of other issues beyond the fiscal cliff. debt ceiling issues, if not resolved in the negotiation looming. and relatively long stocks here in the u.s. perhaps the most interesting part, becky, is to look at the convergence between light and heavy grades here in north america. we have a lot of light oil. and we're actually potentially short of heavy oil. so seeing convergence within that downward trend means there could be a bid for heavier. >> you would guess that would certainly hurt demand. >> sure. offsetting weakness in the dollar would lift the crude price based on historical trends, of course. yeah, it would be a significant blow, and when we're looking at 370 plus barrels of commercial inventories, folks are going to freak out. at the end of the year is a de-stocking time. cl
you have non-opec demand growing, global demand slowing, it's not snowing, and down is where we're going. the next big data point is probably the iaea report in february. and if that implicates more progress toward an iranian bomb, there's significant risk to look to the upside. in the meantime, you have a lot of other issues beyond the fiscal cliff. debt ceiling issues, if not resolved in the negotiation looming. and relatively long stocks here in the u.s. perhaps the most interesting part,...